Published 4:55 pm, Friday, November 13, 2015

The Norwalk-based Financial Accounting Standards Board (FASB) proposed new rules that would give greater transparency in how businesses report the assistance they receive from government entities.

Current reporting requirements have resulted in a “diversity of practice and a lack of useful information” in FASB’s words whether aid comes in the form of grants, low-interest loans, loan guarantees, tax incentives or the transfer of assets; along with significant terms of any agreements like commitments and contingencies.

FASB is accepting comment on the proposal through February 10, 2016, with information online at www.fasb.org.